Rajiv Memani; Positive on taxation, but muted on reform

The taxation of limited liability partnership, which had been hanging in balance ever since its introduction in early 2009 has now been clarified. It is now proposed that an limited liability partnership would now be taxed on the same lines as a general partnership. Says Rajiv Memani, Country Managing Partner, Ernst & Young.

The rectification of the dual levy of taxes on packaged software by removing additional countervailing duty on the portion of software used for commercial exploitation is also a much needed reform. Adds Rajiv.

Source: Livemint.com budget

Rajiv Memani; Mark your Markets

A carefully identified and structured Merger & Acquisition (M&A) transaction can accelerate growth by providing access to new markets, customer segments, technologies, human resources and economies of scale”, says Rajiv Memani, Country Managing Partner, Ernst & Young. “A well drafted approach to M&A during the downturn will differentiate the leaders from the rest in times to come,” added Rajiv.

Source: The Economic Times, 26 June, 2009

EY- One man army

Commenting on the status of BIG 4 auditing firms in India; Rajiv Memani, Country Managing Partner Ernst Young India said “important than clients”. Today Ernst Young  is the  professional services firm in India that has been growing at a cumulative average of 45 % for the past four years.

Ernst Young’s expensive and inflexible scales of audit are the envy of the rivals

Source :Business Today February

Ernst & Young’s redemption plan

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Ernst and Young has emerged as one of the top most audit and tax consultant organisations globally. Unlike the other big organisations, Ernst and young offers both the platform and opportunities for young consultants to interact with the top management. “We had to bring people on a common platform, both in terms of soft-skills and technical expertise. EYU has propelled us ahead in terms of values and consistency in approach. We will take out the outdoor settings and do it in office, we will reduce the budget without compromising on the value, and we will reduce the fat without cutting down the muscle during this slowdown.”

Ernst and Young focuses on training its managers to be coaches which has in turn benefited E&Y in three realms of development culture-learning, experience and coaching.

At the Gurgaon office of E&Y India, Amit Sharma, 30 year old trainer for communications and probing skills proposes the “power of silence” to young clients to help them deal with his clients. The article mentions that some of the training programs at EY help the young managers deal with the global clients better. While a majority of the training is off-line, web learning reinforces classroom training and basic skills like Microsoft Excel. The article further says that the global on-line learnings can be got from ‘EY Leads’ — a global web tool integrated for the individual to address his/her development needs. E&Y recently undertook a project called the” India Leadership Development Programme’ with the Bath Consulting Group, UK, where 48 partners attended the programme for three days, chalking out individual and collective approaches to development. to chalk out individual and collective approaches to development. Adds Kohli, “We have entry schools for managers and senior managers the moment they are promoted ,”

 

Kohli considers the” Partner Track Development workshop” as the icing on the cake since the retention level at the mid-level is the highest in the firm. Almost 85% of E&Y India’s partners are home-grown. With a steadfast increase in the headcount at E&Y, the learning and development has grown proportionately which assures to give the suits, already at the helm of theoretical knowledge , a window to practicality.The nuances of dealing with the clients globally along with the mandatory technical training, are now giving teeth to consultants at E&Y to usher in the new year with new-found confidence.

IFRS in India

ICAI’s announcement on the Convergence Declaration for all public interest entities from 1 April 2011 and the Ministry of Corporate Affairs’s confirmation on India’s IFRS agenda are signs of India’s increasing alignment with a globally accepted accounting framework. While it is welcome step, in order to make IFRS mandatory and ensure successful implementation, amendments to existing statutes need to be undertaken. At the outset, the recent Companies Bill 2008 doesn’t mention any guidance on IFRS convergence. Further, the support of other regulators such as SEBI, IRDA, RBI is also needed. Appropriate changes would be required in tax legislations to ensure they are capable of dealing with the new framework. In addition, significant investment needs to be made to build adequate IFRS skills and establish its knowledge base amongst Indian accounting professionals.    Mr. Memani believes “There is an urgent need to address these challenges and work towards full adoption of IFRS in India. It is imperative for Indian companies to evaluate their preparedness for IFRS adoption. As our experiences in other parts of the world have shown, IFRS cannot be looked as a mere technical exercise limited to change from one set of accounting principles to another. The consequences are far more than financial reporting issues and extend to significant business and regulatory matters including implications on performance indicators, compliance with debt covenants, structuring of ESOP schemes, training of employees, modification of IT systems and tax planning. With IFRS, basic definitions will change. Preference equity will become loans; dividends will become interest while hedge accounting and fair value will arrive in all its glory and complexity. Transition to IFRS will be challenging, as some of us are already witnessing. It is therefore critical to assess the impact of IFRS and immediately embark upon taking the first steps towards a conversion plan.”

Consultants reel as M&A advisory business disappears

The economic slowdown has changed the way the country’s top management consultants do business.Rajiv Memani, CEO & Country Managing Partner, Ernst & Young India. says,” Ernst & Young has started to hire senior hands with deep sector expertise — people who can engage the customers better. “There is a need to spend much more time with the client. With the focus of Indian companies shifting from growth and shareholders’ value to consolidation. Rajiv Memani observes that greater focus needs to be paid on issues like treasury management and how to handle volatility in the markets. SOURCE http://www.business-standard.com/india/news/consultants-reel-as-ma-advisory-business-disappears/00/06/342444

Anil Agarwal is EY Entrepreneur of the Year

At a glittering award ceremony held at Mumbai, the Ernst and young entrepreneur awards were given away for the year 2008. Anil Agarwal, executive chairman of the London Stock Exchange-listed Vedanta Resources), was awarded with the Ernst &Young (E&Y) Entrepreneur of the Year title. Rajiv Memani, CEO & Country Managing Partner, Ernst & Young India felicitated the winners and said,” “All the winners are outstanding individuals who have built exceptional enterprises. They have challenged existing business models, created markets where none existed, led innovation and also built global scale and structure,”

source :

http://www.business-standard.com/india/news/anil-agarwal-is-ey-entrepreneurthe-year/11/04/341528/

India Business Watch – Rajiv Memani

Business Watch 2008

Rajiv Memani Ernst Young

Companies Bill introduced, to make ‘doing business’ easier

Quote by Rajiv Memani CEO and country managing partner Ernst Young

Commenting on the Companies Bill which was introduced in the Lok Sabha recently, Rajiv Memani, CEO and country managing partner Ernst & Young said, “The Bill has proposed some far-reaching changes in the statutory framework. It is expected to address the business and investor community’s desire for a more contemporary and effective regulatory environment. The Bill, primarily, seeks to reduce government control over corporate processes, impart greater transparency, focus on corporate governance, stricter compliance requirements and ensure greater accountability to stakeholders.”

October 2008 – Source FE

New Companies Bill introduced; to overhaul regulations

Quote by Rajiv Memani CEO and country managing partner Ernst Young

The Companies Bill, 2008, that intends to modernise and usher in a single framework for regulating Indian companies from incorporation to liquidation – was tabled in the Lok Sabha. Commenting on the development, Rajiv Memani, CEO & country managing partner, Ernst & Young said “ The Companies Bill 2008 has proposed some f“The logical extension of the government’s e-governance initiative, to permit board of directors’ meetings through video-conferencing and postal ballots through electronic communication is laudable,” added Memani.ar-reaching changes in the statutory framework and is expected to address the business and investor community’s desire for a more contemporary and effective regulatory environment.”

October 2008 – BS

Fiscal Watch – India

No Fright! We’re full of Fight!

Rajiv Memani CEO and Country Managing Partner supported the panellists at the ET CEO roundtable with their verdict that despite the global economic slowdown the Indian economy would grow at 8% in the current fiscal.

September 2008 – ET awards

 

India Corporate Watch

Indian Corporates have to speak the language of the world

Quote by Rajiv Memani CEO and country managing partner Ernst Young

While addressing the CII National Commitee on Accounting Standards, Rajiv Memani CEO and country managing partner Ernst Young said “Globalization has shunned the world and with globalization the route of doing business across the world is harmonizing. It is hence inevitable to know the language in which the business speaks, the language of financial statement will also have to harmonize. Country specific standards will bring growth for transnational companies. They would drive off the cost of doing business, when companies are looking at financing internationally and moreover the corporates wants to reach out to newer markets. Even the small and mid size companies wants to reach out with their accounting practices into accessing the foreign market”.

IFRS was implemented in January 2005 with more than 8,000 EU listed companies who were adopting these standards. With its inherent benefits in the global economy, countries like Australia, Honkong, China and the Middle East have mandated IFRS compliance for publicly listed companies. In line with the benefits of the IFRS to the global economy and trends, the institute of Chartered Accountants of India (ICAI) has announced a Convergence Declaration for public interest entities from 1 April, 2011. This will happen to benefit the cross-border investments, capital flow, enhanced comparability , reporting transparency and reduction in the cost of capital and compliance for enterprises,”says Memani

In fact, the consequences are far more than financial reporting issues and extended to significant business and regulatory matters including implications on performance indicators, compliance with debt covenants, structuring of ESOP schemes, training of employees , modification of IT system, implication of mergers and acquisitions and as well as tax planning, added Rajiv.

August 08 – Source CII

India Unleashed

Unleashing India: Business imperatives for the nation

Quote by Rajiv Memani CEO and country managing partner Ernst Young

In a panel discussion on whether India is ready to take on the immediate challenges and, whether the country is poised to capture its true potential, Rajiv Memani, CEO, Ernst & Young, India observes, “I think the biggest challenge this growth has been led to large extent by investment growth. For the first time you are seeing actually a slowdown in the capital goods growth. So when we talk about 8% and are we are being pessimistic; I think 7.5% to 8% is achievable.” Commenting on capital investment growth, Memani adds, “The government, from an impetus standpoint, will have to find ways in which they can unlock areas for strong capital investment growth, which has to be in the area of infrastructure.” On equity issuance and debt borrowing, he explains, “The equity issuance being practically absent in the last 6-9 months, the only capital class that is active is private equity. Apart from that, frankly there has been no equity issuance that’s happened. That’s really linked to global markets and how they perform. But that should come into being maybe from the next quarter because this entire year if we actually see, in the last seven months, there is nothing that has happened. “

August 08 – Source Money Control

India Entrepreneur Watch

 

Entrepreneur awards instituted

Announcing the launch of the tenth Entrepreneur Of The Year (EOY) awards in India, Ernst & Young India Country Managing Partner Rajiv Memani said, “Today, with the country’s transformation in the global business order, our confidence in the Indian entrepreneurial spirit stands truly vindicated. The outstanding panel of judges, the programme’s thorough selection methodology and its global dimensions are unparalleled. I am confident that through the programme we will continue to encourage and celebrate the spirit of entrepreneurship.” Since its inception in 1991, over 70 leading Indian entrepreneurs, including Mukesh Ambani (Reliance Industries), Brijmohan Munjal (Hero Group), N.R. Narayana Murthy (Infosys), and Ratan Tata (Tata Group) have been honoured with these awards. Mr. Memani also informed that the national awards from around the world culminate with the winners from each country being inducted into the World Entrepreneur Of The Year Academy in Monte Carlo, Monaco.

2008 – Source The Hindu

E&Y names Satyam’s Raju entrepreneur of the year

Lauding B. Ramalinga Raju, chairman and founder of Satyam Computer Services Ltd, who was named the “Ernst & Young Entrepreneur of the Year 2007,” country managing partner of Ernst & Young Rajeev Memani said, “The winners are outstanding individuals who have not only built best-in-class businesses, which are making their mark on the global platform, but have also taken innovative steps to positively impact the society and wider community.”

2007 – Live Mint

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Changing Trends India

Remains of an Empire

Quote by Rajiv Memani, CEO and country managing partner Ernst Young 

In a feature by the Economic Times on the Delhi based business families, Rajiv Memani CEO and country managing partner Ernst & Young said “The ones who have survived are not outright market leaders in their substantial revenue generating businesses, but they are steady players, sticking to their core businesses without drastic diversifications.” Rajiv Memani has been a professional advisor to many erstwhile maharajas of Delhi. “The old set are mostly gone. Only some individuals and some sub group owners are doing well. None of these groups are in the premier position that they were in. In the ‘new’ Delhi landscape, the New Sultans are Ranbaxy, Bharti, DLF, HCL, Jaiprakash Industries and Jindals. They are big in the new league” said Memani.

 

Financial Consulting India Watch

“Unshackled, at last”

Quote by Rajiv Memani , CEO and country managing director Ernst Young

According to Rajiv Memani, CEO & Country Managing Partner, Ernst & Young India, “the ICAI’s decision to open up and allow CAs to advertise is a welcome step in the right direction. Memani believes the move will go a long way in addressing consumer needs for greater information, to facilitate the choice of a service provider, particularly, since today, chartered accountants tend to specialize in many areas.

2008 – Source ICAI

 

Coming out of shadows

Quote by Rajiv Memani , CEO and country managing director Ernst Young

Reflecting on the growing importance of the CFO in Indian companies, Rajiv Memani, the country managing partner of audit firm Ernst & Young India says that the heads of the finance function have always been important in the Indian context. Memani argues that Indian companies have always been very “wary of finance” and that they involve CFOs in all major decisions to assess the impact of these decisions on profitability.CFOs should also be able to manage growth. All growth, organic or inorganic requires capital, and as Rajiv Memani points out, “there are several options of raising capital.” Indian companies can raise money by making an equity issue in India or in any of the international exchanges.

2007 – Live Mint

Entreprenuer Academy – Rajiv Memani

E&Y inducts Suzlon chief into world entrepreneur academy

Quote By Rajiv Memani CEO and country managing partner Ernst Young

Commenting on the induction of Suzlon Energy Chairman Tulsi Tanti in its World Entrepreneur of the year Academy, E&Y India Country Managing Partner Rajiv Memani said “Tanti truly embodies the spirit of entrepreneurship. He has built his business with immense passion; exploring un-chartered territories and has put India on the world map for renewable energy. He is a true flag-bearer of the Indian growth story of metamorphosing a domestic company into a global MNC.”

Source Live mint

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Tenth Entrepreneur of the Year Award 2008

CEO and Country Managing Partner EY

Ernst & Young announces 19 Finalists for the Tenth Entrepreneur of the Year Award 2008 November 2008 Finalists for the 10th EOY Awards have been declared. Nineteen of India’s successful entrepreneurs, who have displayed an inspiring vision, unabated zeal and passion to make a difference, have been selected as ‘Finalists’ for the coveted Ernst & Young Entrepreneur of the Year Awards.  On this occasion CEO and Country Managing Partner Ersnt Young, Mr. Rajiv Memani said“The Entrepreneur Of The Year Program has provided us an opportunity to get a very close view as also learn from the entrepreneurial journeys of some of India’s finest business leaders. The distinctive feature of Indian entrepreneurs today is the confidence and speed with which they are moving ahead in the local and international markets. Notably, for many of them, their achievements go beyond running a profitable business to also impacting the society at large and thereby creating more inclusive growth for India.” The year 2008 marks the 10th year of this very unique program in India, which has celebrated the emergence of many leading entrepreneurs over the last decade. Read Full article Ernst & Young announces 19 Finalists for the Tenth Entrepreneur of the Year Award 2008

EY India – Merges itself with two Mumbai based firms

E&Y merges PD Desai, SV Ghatalia with itselfSeptember 2008 Source: The Economic Times

On the merger of two large Mumbai-based accounting firms, PD Desai & Company and SV Ghatalia & Associates with Ernst & Young ; Rajiv Memani CEO and Country Managing Partner said “We will benefit from the tremendous equity they (the two partners) enjoy with leading Indian companies. This will improve our ability to service clients on complex tax and regulatory issues.” This merger has led Ernst & Young into a leadership position in tax and advisory services and boost the ongoing consolidation within the industry.Read Full Article E&Y merges PD Desai, SV Ghatalia with itself

 

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